Shivneri AC Bus Service between Mumbai and Panji

The MSRTC have decided to operate Shivneri AC Bus Service between Mumbai and Panji from 20/12/2014 to 05/01/2015 to clear the extra rush of passengers during the X'mas and New Year Holidays. The details are as under:

From	Timing [I.S.T.]	To	Timing [I.S.T.]	Fare
Mumbai Central	20.00 PM	Panji	Next Day 06.40 AM	Rs.1460/- (Adult)

Route	Mumbai Central, Dadar, Kurla Nehru Nagar, Maitri Park, Vashi Highway, Nerul, Panvel, Mahad, Chiplun, Lanja, Kankavli, Sawantwadi, Mhapsa, Panji

From	Timing [I.S.T.]	To	Timing [I.S.T.]	Fare
Panji	16:15 PM	Mumbai Central	Next day 03:45 AM	Rs.1587/- (Adult)

Route	Panji, Sawantwadi, Kankavli, Radhanagari, Kolhapur, Karad, Satara, Swargate, Panvel, Mumbai Central

TAX SAVING SCHEMES

SENIOR CITIZENS SAVINGS SCHEME

• Individual above 60 years (VRS persons 55 and above) can invest. • Duration 5 years. Can be extended for further 3 years. • Multiple / Joint accounts are allowed. • Maximum Limit 15 Lakh. • Lock-in period 1 year. Premature closure allowed with penal interest. • Interest @ 9.20% p.a. payable quarterly. • 1 Lakh invested earns Rs.2300/- per quarter. • Interest earned is taxable. Tax Exemptions Eligible for exemption u/s. 80C for overall investment upto Rs.1 lakh. Interest earned is taxable.

POST OFFICE TIME DEPOSIT ACCOUNT

• Any Individual can open an account singly or jointly. • More than one account can be opened without any limit. • Accounts can be opened for 1,2,3 and 5 years. • Interest for 5 years deposit is 8.4%. • Premature withdrawal after 1 year attracts 2% penalty on interest applicable. • Amount withdrawn before 5 years period, tax will have to be paid on the withdrawn amount treating it as     the income of that year. Tax Exemptions Only 5 years term deposit with a maximum investment of Rs.1 lakh eligible u/s. 80C.

PUBLIC PROVIDENT FUND (PPF)

• An Individual can open only one account besides his GPF account. • Option to pay each contribution in one lumpsum p.a. or in 12 installments. • Period : 15 years (Minimum 16 annual contributions). Can be continued further every 5 years. • Investment : Minimum Rs.500/- and Maximum Rs.1,00,000/- p.a. • Interest @ 8.70% compounded annually. • Can withdraw 50% of the balance from 7th year onwards. • An amount equal to withdrawal can be invested from current year's income to make the account a self       sustaining one. • Loan upto 25% of balance available (2 years ago) is allowed upto the end of 5th year. • Second loan is given after clearing the first loan. • No loan is given after 6 years from the date of first subscription. • After 15 years, entire balance can be withdrawn. • Interest earned is totally exempt u/s. 10(11). Tax Exemptions Investment upto Rs.1,00,000/- qualifies for deduction u/s. 80C.

BANK DEPOSITS

• A term deposit to be opned with a scheduled Bank in the prescribed form. • Minimum Investment Rs.100/- Maximum is Rs.1,00,000/-. • The term will be 5 years. • Premature encashment not permitted. • Income Tax benefit amount of term deposit invested along with PPF / LIC / NSC / ULIP etc. up to a maximum of Rs.1,00,000/- is eligible for deduction u/s. 80C. • Interest earned on the deposit is taxable.

UNIT LINKED INSURANCE PLAN (ULIP)

• Can be invested Singly / Jointly. • Duration : 10 or 15 years. • ULIP can be taken in the name of spouse and Children - major or minor. • Provides Life Insurance, Accident Insurance coverage and also reinvestment of dividend in units. • Target Amount : Minimum Rs.15,000/-; Maximum Rs.5,00,000/-. • Personal accident cover up to Rs.50,000/-. • On maturity, NAV + Bonus @ 5% for 10 years and @ 7.50% for 15 years term (cash equivalent of units will be paid). • Can remain in the plan to participate in further growth (0.5% additional maturity bonus). Tax Exemptions Investment upto Rs.1 lakh is eligible for tax exemption u/s. 80C. Dividend declared is fully exempt u/s. 10(35). Maturity Bonus is taxable in the year of maturity.

LIFE INSURANCE POLICIES

• Variety of Plans available. • Major Benefit : Life Risk Cover • Encourages to save compulsorily. • Besides covering life risk, gets tax benefit both at entry (premiums paid) & exit point (Maturity + Bonus). • Asset is created without having one. Tax Exemptions Eligible u/s. 80C for overall investment up to Rs.1 lakh & maturity amount (investment + bonus) is totally exempt u/s. 10(10D). For policies taken on or after 01.04.2003, premium exceeding 20% of the Sum Assured and policies taken on or after 01.04.2012 premium except 10% of the S.A. in any year, will not enjoy tax free returns u/s. 10(10D) or benefit u/s. 80C.

LIC's JEEVAN AKSHAY VI
• Immediate Pension Plan for individual between 30 & 85 years. • Minimum Investment : Rs.1,00,000/-. • e.g. Investment of Rs.10 lakh for age at entry 40 will give monthly pension of Rs.5892/-. Tax Exemptions Eligible for exemption u/s. 80C for overall investments up to Rs.1 Lakh.

PENSION PLANS

• Any individual between 18 & 70 years can take a policy. • Investment : Minimum Premium Rs.2,500/- p.a.; Rs.10,000/- for single premium; Maximum - No Limit. • Minimum pension starting age is 50 years and maximum is 79 years. • Guaranteed Pension either for 5, 10, 15, 20 years or for life time. • Option to commute 25% of Pension. Tax Exemptions Premium paid up to Rs.1 lakh p.a., either under Single Premium or regular Policy is totally exempt u/s. 80CCC (Under 80C)

EQUITY LINKED SAVINGS SCHEME (ELSS)
• Most favorite investment. • Open ended. Lock-in 3 period years. • Many of the funds have given excellent returns during recent past. Maximum tax benefit plus maximum returns. Tax Exemptions • Eligible for exemption u/s. 80C for overall investment up to Rs.1 lakh. • Dividend earned is exempt u/s. 10(33).

NATIONAL SAVINGS CERTIFICATES
• Can buy Singly / Jointly. • Duration 6 years / 10 years. • Interest rate is 8.50% p.a. for 5 years and 8.80% for 10 years. • Interest accrued between 1st and 5th year is deemed to have been reinvested. • Investment & deemed reinvestment up to Rs.1,00,000/- is eligible u/s. 80C.

INCOME TAX

Sr.	Particulars	Information
1	Income Tax Deductions	Click Here
2	House Rent Allowance	Click Here
3	Capital Gains	Click Here
4	Finance Act 2013	Click Here
5	Income Tax Slabs and Rates (F.Y.2013-14)	Click Here
6	TDS Rate Chart (F.Y.2013-14)	Click Here
7	Tax Saving Schemes	Click Here
8	Leave Travel Concession	Click Here
9	Taxable & Non Taxable Perquisites	Click Here
10	Income from House Property	Click Here
11	Payment of Advance Tax	Click Here
12	Income Tax Slabs and Rates (F.Y.2012-13)	Click Here

Places of Pilgrimage

Maharashtra has a long tradition of tolerance and interaction with different religious faiths. To the south lies the basin of the Godavari, and the territory from Nashik to Nanded which is regarded as sacred. A majority of saints and poets were from here. Trimbakeshwar, the place from where the Godavari originates has a sanctity of its own. Nanded is a pilgrim point for the Sikhs as it has a mausoleum of Guru Gobind Singh.

Besides Haji Ali, Haji Malang, Churches of Bassein and Mumbai, Syngogues of Pen and Alibag, Jain and Buddhist temples, Maharashtra alone has five of the twelve Jyotirlingas. Maharashtra embodied the cultural and religious influence of the northern Aryans and southern Dravidians. Thus both Vaishnavism and Shaivism flourished in the region. Shaivism extended its ambit to worship Ganesh, son of Lord Shiva. In fact the elephant headed god is one of the most popular deities worshipped by the people in Maharashtra.

The advent Varkari Sampradaya has inspired lakhs of people for centuries to realize god and taught them that no barriers of caste, creed and sex obstruct the path of the realization of God through devotion. Even today people visit these places with great faith and participate in Wari and Dindi.

Holy Places	Area / Town / City	Information
Vajreshwari Devi Temple	Bhiwandi	Click Here
Jivdani Temple	Virar	Click Here
Vithoba Temple	Pandharpur	Click Here
Khandoba Temple	Jejuri	Click Here
Mahalaxmi Temple	Kolhapur	Click Here
Sai Baba Temple	Shirdi	Click Here
Swami Samarth Math	Akkalkot	Click Here
Tulja Bhavani Temple	Solapur	Click Here
Mumba Devi Mandir	Bhuleshwar, Mumbai	Click Here
Mahalaxmi Temple	Mahalaxmi, Mumbai	Click Here
Mount Mary Church	Bandra, Mumbai	Click Here
Babulnath Temple	Charni Road, Mumbai	Click Here
Siddhivinayak Mandir	Dadar, Mumbai	Click Here
Temple of Goddess Renuka	Mahur, Nanded	Click Here
Gajanan Maharaj Mausoleum	Shegaon	Click Here
Shani Shingnapur	Aurangabad	Click Here
Global Vipassana Pagoda	Gorai, Mumbai	Click Here
Trimbakeshwar	Nashik	Click Here
Bhimashankar	Pune	Click Here
Ghrishneshwar	Aurangabad	Click Here
Parli Vaijnath	Beed	Click Here
Goddess Saptashrungi Temple	Nashik	Click Here
Aundha Nagnath	Aundha, Marathwada	Click Here
Narsobwadi (Shree Dattatreya Temple)	Kolhapur	Click Here
Ambajogai	Parbhani	Click Here
Saint Eknath Mausoleum	Paithan, Aurangabad	Click Here
Saint Dnyaneshwar Temple	Nevase, Ahmednagar	Click Here
Ambernath Temple	Ambernath	Click Here
Saint Dnyaneshwar Mausoleum	Alandi	Click Here
Vithoba Mandir, Amalner	Amalner	Click Here
Jyotiba Temple	Kolhapur	Click Here
Kalaram Temple	Nashik	Click Here
Shrine of Shree Dattatreya	Audumbar	Click Here
Tungareshwar	Vasai, Mumbai	Click Here
Haji Ali Dargah	Worli, Mumbai	Click Here
Balaji Temple	Nerul, Navi Mumbai	Click Here
Pataleshwar Cave Temple	Pune	Click Here
Prati Balaji Temple	Ketkawale, Pune	Click Here
Sri Sathya Sai Panduranga Kshetra	Hadshi	Click Here
Hazur Sahib	Nanded	Click Here
Dagdusheth Halwai Sarvajanik Ganpati	Pune	Click Here
Kailasa Temple	Ellora	Click Here
Dahanu Mahalaxmi Temple	Dahanu Road	Click Here
Swami Nityananda Math	Ganeshpuri, Bhiwandi	Click Here
Nageshwar Temple	Pune	Click Here
Ramtek	Nagpur	Click Here
Tekdi Ganesh	Nagpur	Click Here
Wai	Satara	Click Here

PERMISSIBLE DEDUCTION UNDER THE INCOME TAX ACT

Deductions at a Glance

The following deductions are permissible deductions an assessee can claim under the Income Tax Act :

Section 80C deductions

Deduction under this section is available only to an individual or HUF.

Section 80C of the Income Tax Act allows certain investments and expenditure to be deducted from total income up to the maximum of Rs.1,00,000/-

► Contribution to approved superannuation fund or public provident fund or recognized provident fund or statutory provident fund. Provident fund contributions should not exceed 1/5 of salary.

► Payment of life insurance premium. It is allowed on the premium paid on self, spouse and children even if they are not dependant on father or mother (subject to a maximum of 20% of the sum assured up to F.Y.2012-13, from F.Y.2013-14 20% has been reduced to 10%.)

► Payment in respect of non-commutable deferred annuity.

► Unit Linked Insurance Policy (ULIP) of UTI or LIC Mutual Fund Dhanraksha.

► Subscriptions to NSC – VIII issues.

► Deposits with National Housing Bank.

► Principal part of loan taken for acquiring Residential house property; provided that the house should not be transferred within 5 years. Loan for land cost for residential house is also qualified.

► Subscriptions to schemes of PSU’s providing long term finance for housing or of housing boards constituted in India for infrastructural development of cities / towns.

► Notified annuity plan of LIC or of any other approved insurer.

► Units of Mutual Fund or UTI.

► Notified pension fund by UTI or approved mutual fund.

► Tution Fees (not including donation or development fees) towards full time education including play-school activities, pre-nursery & nursery classes, of any 2 children of an individual, paid to University, College or Schools in India.

► Investments in shares or debentures with a lock-in-period of 3 years, of approved public company exclusively engaged in infrastructure facility or power sector.

► Subscriptions to the bonds issued by NABARD as specified by Central Government.

► Any sum deposited as 5 years time deposit under the Post Office Term Deposit.

► Any sum deposited in Senior Citizen Savings Scheme.

► Any sum deducted from salary of Government employee (subject to a maximum 20% of salary) towards deferred annuity plan for benefit of self, spouse or any children.

► Term deposit with a scheduled bank for a period of not less than 5 years as per scheme notified by Central Government.

► Investing in units of notifying mutual fund investing in approved public companies engaged in infrastructure facility or power sector.

Section 80CCC

Payments made to LIC or to any other approved insurer under an approved pension plan is admissible for deduction under this section. Then the pension plan policy should be for the individual himself out of his taxed income, The deduction is least of the amount paid or Rs.1, 00,000/-.

Section 80CCD

The contribution made by the assessee and by employers to a Notified Pension Scheme is admissible for deduction under this section. The assessee should be an individual who is employed on or after 1.1.2004. The deduction shall be equal to the amount contributed by the assessee and/or by the employer, not exceeding 10% of his salary (Basic + D.A.). Even a self-employed person can claim this deduction which will be restricted to 10% of Gross Total Income. The total deduction available to an assessee under sections 80C, 80CCC & 80CCD are restricted to Rs.1, 00,000/- per annum. However, employer’s contribution to Notified Pension Scheme u/s. 80CCD is not a part of the limit of Rs.1,00,000/-.

Section 80D : Medical Insurance Premiums

Health Insurance, popularly known as Mediclaim Policies, provides a deduction of up to Rs.35,000/- (Rs.15,000/- for premium payments towards policies on self, spouse and children and Rs.15,000/- for premium payment towards non-senior citizen dependant parents or Rs.20,000/- for premium payment towards senior citizen dependent). This deduction is in addition to Rs.1,00,000/- savings under IT deductions clause 80C. For consideration under a senior citizen category, the incumbent’s age should be 60 years during any part of the current fiscal, e.g. for the fiscal year 2013-14, the incumbent should already be 60 as on 31.03.2014). This deduction is also applicable to the checks paid by proprietor firm.

Interest on housing loans

For self occupied properties, interest paid on a housing loan up to Rs.1,50,000/- per year is exempt from tax. This deduction is in addition to the deduction u/s. 80C and 80D. However, this is only applicable for a residence constructed within three financial years after the loan is taken and also for the loan taken only after 1st April, 1999.

If the house is not occupied due to employment, the house will be considered self-occupied.

For let-out properties, the entire interest paid is deductible u/s. 24 of the Income tax Act. However, the rent is to be shown as income from such properties. 30% of the rent received and municipal taxes paid are available for deduction of tax.

An additional deduction of Rs.1, 00,000/- would be allowed to be deducted from the payment of interest on home loan u/s. 80EE. This deduction would be allowed provided that the total value of the loan is not more than 25 lakh and the total value of the house is not more than 40 lakh and the loan should be a fresh loan taken during the F.Y. 2013-14. This deduction would be over and the Rs.1,50,000/- deduction.

The losses from all properties shall be allowed to be adjusted against salary income at the source itself.

Section 80DDB : Deduction in respect of Medical Treatment 

Deduction is allowed to resident individual or HUF in respect of expenditure actually during the previous year incurred for the medical treatment of specified disease or ailment as specified in the rules 11DD for himself or a dependant relative or a member of a HUF.

Section 80CCG : RGESS

A Deduction of 50% is allowed on investment up to Rs.50,000/- under the Rajiv Gandhi Equity Saving Scheme on select securities.

Exemptions - House Rent Allowance

► Income Tax Exemptions - HRA

House Rent Allowance is an allowance given by the employer to the employee for taking care of his rental or accommodation expenses. This HRA can be claimed as exemptions subject to certain conditions. The employer can choose to offer HRA in Salary Package irrespective of whether one lives in a rented house or in his own house. If you live in your own house you are not eligible for HRA exemption.

Eligibility Condition for HRA Exemption

To be eligible for HRA exemption, you must first receive HRA in your salary and live in a rented accommodation for which you pay the rent. So if you live in a house you own, you will not be eligible for HRA exemption.

To claim HRA exemption :

• You should receive HRA from your employer in your salary.
• You should live in a rented accommodation for which you pay the rent.
• Your rent should be more than 10% of your salary.

Calculation of HRA exemption

The actual HRA is exempt from tax is the least of the following :
• Actual HRA received from employer
• 50% of Salary (Basic + D.A.) in the case of metros or 40% in case of non-metros
• Actual rent paid minus 10% of Salary (Basic + D.A.)

Defination of Salary

In the context of tax exemption for House Rent Allowance, Salary is defined as the sum of basic, dearness allowance and a percentage of commissions of turnover achieved by employee.

E.g. If you earn a salary of Rs.40,000/-, the HRA works out to Rs.20,000/- (50% of the salary). Let us assume that you pay a rent of Rs.15,000/- for an accommodation in Mumbai. Now the amount of rent paid minus 10% of the salary (Rs.4,000/-), which is Rs.11,000/-, being the least is the HRA exempt from tax. The balance Rs.9,000/- (Rs.20,000/- minus Rs.11,000/-) is the taxable HRA. However, note that the actual HRA need not be 50% of Basic Salary.

Other Considerations of HRA

If you stay in a house which belongs to your parents and you pay rent to them, then you can claim HRA. However, the income that your parents earn will need to be shown as HRA in case from house property in their income tax returns.

Rent receipts need to be produced as proof to your employer to show that you are indeed paying rent to claim HRA.

If you own a home and have a home loan on it, you can still avail of the HRA benefits along with the home loan tax benefits. It does not matter where your house is located, both the home loan income tax benefits and the house rent allowance benefits can be availed simultaneously. If your home is in the same city as you are renting in, you can justify why you have chosen to stay on rent and still claim the HRA exemption.

Home Loan and HRA

If you took a home loan to buy a house in Mumbai, but you reside in saying Pune for some reason, you can get tax benefits on your housing loan. Suppose you have bought a house in the same city but staying in a rental accommodation because the house is not ready for possession, you will be entitled to the tax benefits, You can claim tax benefits on the home loan only if your home is ready to live in during that financial year. Once the construction of your home is complete for possession, the HRA benefits stops.

CAPITAL GAINS

Capital Gains - Long Term / Short Term

Capital Gain (u/s. 48) means any profit or gain arising from the sale or transfer of a Capital Asset.

Capital Asset means property of any kind held by an Assessee. However, it does not include

• Stock, Stores, Raw Materials held in business
• Gold Bonds
• Rural Agricultural Land
• Personal effects like Furniture, Motor Car, Air Conditioner, Refrigerator etc.

"Jewelry" held for personal use is treated as Capital Asset. The Jewelry includes ornaments made of Gold, Silver, Platinum or any other Precious Metal or Stone.

Capital Assets are of two types

• Long Term Capital Assets
• Short Term Capital Assets

Nature of Asset	Long Term Capital Asset	Short Term Capital Asset
Shares of a Company, Units of UTI or Mutual Fund	When held for more than 12 months	When held for less than 12 months
All other Assets (Other than above)	When held for more than 36 months	When held for less than 36 months

Rate of Tax

Short Term Capital Gains is chargeable to tax at normal slab rate of Income Tax. Long Term Capital Gains is chargeable to tax at a flat rate of 20% and the amount of gain has to be calculated after adjustment for cost of inflation. This inflation adjustment is known as Indexation benefit. Long Term Capital Gain on sale of any listed securities (like share of company and units of Unit Trust of India or Equity oriented Mutual Funds) is totally exempted. Short Term Capital Gains on the above is charged a 15%.

Cost Inflation Index Table

F.Y.	Index	F.Y.	Index	F.Y.	Index	F.Y.	Index
1981-82	100	1989-90	172	1997-98	331	2005-06	497
1982-83	109	1990-91	182	1998-99	351	2006-07	519
1983-84	116	1991-92	199	1999-00	389	2007-08	551
1984-85	125	1992-93	223	2000-01	406	2008-09	582
1985-86	133	1993-94	244	2001-02	426	2009-10	632
1986-87	140	1994-95	259	2002-03	447	2010-11	711
1987-88	150	1995-96	281	2003-04	463	2011-12	785
1988-89	161	1996-97	305	2004-05	480	2012-13	852
						2013-14	939

Exemptions under Capital Gains

There are certain exemptions in respect of Long term Capital Gains

Profit on sale of residential house (Section 54) :
Capital Gain earned by selling a house meant for residential accommodation whether self-occupied or let-out, is fully exempt subject to following :

• Assessee should be an Individual or HUF.

• The house is held for more than 3 years.

• The Assessee has :

a) Purchased a new house one year before the sale / two years after the sale of original house OR

b) Constructed a new house or has purchased a site & constructed a house thereon, within a period of 3 years after the sale of the Original house.

• If the amount of Capital Gain is not utilized for the above purpose, before the due date of filing Annual Returns, It should be deposited in a Bank under Capital Gains 1988 Account Scheme.

• Cost of new house is equal or more than the Capital Gain earned.

Note :
► If the Capital Gain is more than the cost of the new house, the difference amount is chargeable to Tax at 20% as Long Term Capital Gain of the previous year in which the original house was sold.

► If the new house is sold within 3 years from the date of purchase or construction, the cost of the new house will be reduced by the amount of Capital Gain exempted earlier on the original house and the difference between the sale price of the new house and such reduced cost will be treated as "Short Term Capital Gains" and charged to tax during the year in which the new house was sold.

Profit on sale of any long term capital asset is exempted if the profit or capital gain is invested in long term Specified Assets of NHAI or Rural Electrification Corporation (Section 54EC), subject to the following :

• The Profit / Capital Gain earned/accrued from the sale of a Long Term Capital Asset.

• The Assessee invests the whole or part of the Capital Gain in the Specified Assets, (i.e. Bonds of NHAI or REC with a lock-in period of 3 years) within 6 months from the date of sale of original Asset.

• The investment made is not less than the Capital Gain. If a part of the gain is invested, amount proportionate to the investment only will be exempted and balance is taxable.

• The Assessee has to retain the newly invested Specified Asset for a minimum period of 3 years.


Profit on sale of any Capital Asset (Other than a residential house) is exempt from tax, if the investment is made on a Residential House, Subject to the following (Section 54F) :

• The Assessee is an Individual or HUF.

• The Capital Gain is by sale of Long Term Capital Asset (Other than residential house).

• The Assessee purchases a new house one year before the sale of the Capital Asset or constructs a house within 3 years or purchases a site and constructs a house thereon within 3 years from the date of sale of the Capital Asset.

•The cost of the new house is not less than the entire sale value excluding cost of transfer of original Capital Asset sold. If only a part is invested, the amount invested only will be exempt. The balance is taxable.

• If the full amount of sale value is not utilized for the above purpose before the due date for filing of Returns u/s. 139(1), it should be deposited in a Bank under Capital Gains Scheme 1988 A/c. and from this account it should be utilized for construction or purchase of a house.

• On the date of sale of the original Capital Asset, the assessee

(a) Does not own more than one residential house other than new houses.

(b) Does not purchase within 2 years, or construct within 3 years any other residential house from the date of purchase or construction of the new house.

Note :
Exemption limit to invest in NHAI or REC Bonds is restricted to a maximum of Rs. 50 lakh in a financial year.

FINANCE ACT 2013

Finance Act 2013 - Highlights

► Tax Rates & Slab Rates kept unchanged.

► Basic I.T. exemption limit retained at Rs. 2 Lacs (for both Male and Female)

► For all Senior Citizens (for Men/Women of age 60 and under 80) : Exemption limit retained at Rs.2,50,000/-.

► For Very Senior Citizens (for Men/Women of age 80 and above) : Exemption limit retained at Rs.5,00,000/-.

► Surcharge @ 10% if total income exceeds Rs.1,00,00,000/-.

► Tax rebate in the form of Rs.2,000/- tax credit has been given to individuals with income between Rs.2,00,000/- to Rs.5,00,000/-. For the mentioned tax bracket, the threshold exemption limit has been raised from Rs.2,00,000/- to Rs.2,20,000/-.

► For persons suffering from a disability or certain ailments, the permissible premium rate increased to 15% of the Sum Assured for the policies issued on or after 1.04.2013.

► Contributions made to the Central and State Government Schemes similar to the Central Government Health Scheme are eligible for deduction under section 80D of the Income Tax Act.

► First time home loan takers have been given an additional deduction of interest to the tune of Rs. 1 lakh loan for amounts not exceeding Rs.25 lakh, with spill over allowed for one year on unconsumed amount. This deduction would be over and above Rs.1,50,000 allowed for self occupied properties, thus taking the total amount to Rs.2,50,000/-.

► There would be 1% Tax Deduction at Source (TDS) on transfer of immovable property worth over Rs.50 lakh. However, agricultural land will be exempt.

► Tax on payments by way of Royalty and Fees for Technical Services to non-residents have been increased from 10% to 25%.

► Securities Transaction Tax (STT) has been reduced on

• Equity futures from 0.017 to 0.010 percent.
• Mutual Fund / Exchange-Traded Fund redemptions at fund counters : from 0.0250 to 0.001%
• Mutual Fund / Exchange-Traded Fund purchase/sale on exchanges : from 0.1 to 0.001%, only on the seller

► Commodities Transaction Tax (CTT) has been introduced in a limited way and would apply to non-agricultural commodities futures contracts at 0.01% of the price of the trade. Trading in commodity derivatives will not be considered as a 'speculative transaction' and CTT shall be allowed as a deduction if the income from such transaction forms part of business income.

► Rajiv Gandhi Equity Savings Scheme (RGES) - deduction u/s. 80CCG extended from 1 year to 3 consecutive assessment years up to Rs.25,000/- each year. This enables the first time investor to invest in mutual funds as well as listed shares. The eligibility income limit has been increased from the current Rs.10,00,000/- to Rs.12,00,000/-.

► Transfer of the house under the Reverse Mortgage does not face Capital Gain Tax. Loan received will be Income Tax exempt.

► Short Term Capital Gain Tax increased from 10% to 15% on the sale of the Shares or units of equity oriented mutual funds.

► Benefit of deduction u/s. 80E to the individual in respect of interest on educational loan is also extended to the loan taken for the Higher Education for the spouse or children. In other words, if parents take a loan for their children they can claim deduction from total income in respect of interest paid.

► 80E benefits of interest on loan for Higher Education after class 10th to cover all specified fields, including vocational studies.

► Fixed Deposits for a period of 5 years or more in Scheduled Banks by individuals and HUFs qualify for Tax deduction up to the maximum capital of Rs.1 lakh u/s. 80C.

► The Basic exemption limit for Wealth Tax raised from 15 lakh to 30 lakh.

►Limit for making payments for purchases / expenditure, otherwise than by an account payee check/draft, raised to Rs.35,000 only in case of payments for plying, hiring or leasing goods carriages.

► Interest for Non-Deduction of taxes shall be at 1% & that for delay in depositing taxes deducted shall be 1.5% per month.

► The threshold limit for TDS for rental income has been increased from Rs.1,20,000/- to Rs.1,80,000/-.

► Senior Citizen age limit reduced to 60 years from 65 years.

► New bracket for those above 80 years of age with an exemption limit of Rs.5,00,000/- introduced.

► A category of salaried tax payers whose salary is 5 lakh or less will not be required to file their income tax returns if their tax liability has been discharged by their employer through deduction at source.

► For F.Y. 2012-13, Senior Citizens for the purpose of Exemption limit u/s. 80D, 80DDB & Form 15H (Non deduction of Tax) is 60 years.

► The annual premium payable on Life Insurance Policy restricted to 10% of the Actual Sum Assured u/s. 80C.

► The Exemption limit for mandatory tax audit increased to Rs.1 crore for SME's & to Rs.25 Lakh for professionals.

► Tax deduction on savings account interest income up to Rs.10,000 allowed u/s. 80TTA.

► TDS for interest from Debentures if the amount exceeds Rs.5,000/-.

► Alternate Minimum Tax now on limited liability Partnerships.

► Individuals and HUFs can invest their gains from selling residential property in startups to save on tax.

► Levy of Minimum Alternate Tax is extended to all persons (HUF, AOP, BOI) other than companies, who claim profit linked deductions if adjusted income exceeds Rs.20 lakh. (The Rate of Tax 18.50% +3.00%)

► Service Tax hiked to 12%.

► Baggage allowance for eligible Indian passengers raised from Rs.25,000/- to Rs.35,000/-. For children up to 10 years, it has been increased from Rs.12,000/- to Rs.15,000/-.

► Section 80DDB allows a deduction for medical treatment of specified diseases up to Rs.60,000/- for Senior Citizens (60 years and above) and Rs.40,000/- for others.

► Securities Transaction Tax reduced from 0.125% to 0.1%.

► No advance tax for Senior Citizens if they are not running a business / profession.

► Deduction of expenses for preventive checkups up to Rs.5,000/- u/s. 80D.

F.D. INTEREST RATES BY BANKS

Which Banks Pay the Highest Rate of Interest on Fixed Deposits - Comparison

Sr.	Name of the Bank	7-14 Days	Upto 45 Days	Upto 90 Days	Upto 180 Days	Upto 1 Year	Upto 3 Years
1	Abu Dhabi Commercial Bank	4.50	4.50	6.00	7.00	7.50	8.75
2	Allahabad bank	5.00	6.00	7.00	8.25	9.00	8.75
3	Andhra Bank	5.00	5.00	8.10	9.00	9.00	8.75
4	Axis Bank	3.50	6.00	8.25	8.50	9.00	8.75
5	Bank of Baroda	4.50	4.50	6.50	7.30	9.05	9.05
6	Bank of India	4.00	6.50	6.75	8.00	9.00	9.00
7	Bank of Maharashtra	6.50	6.50	7.50	8.50	9.00	9.15
8	Canara Bank	4.00	6.50	7.50	7.00	9.05	9.05
9	Catholic Syrian Bank	5.00	7.00	7.00	8.25	9.25	8.75
10	Central Bank of India	6.50	6.50	7.00	7.75	8.75	8.50
11	China Trust Commercial Bank	5.00	5.75	6.50	7.25	7.50	8.25
12	Citi Bank	3.00	4.50	8.00	8.50	8.50	8.00
13	Citi Union Bank	7.50	7.50	7.50	7.75	9.50	9.25
14	Corporation Bank	5.50	6.50	8.00	8.00	9.00	9.00
15	DCB Bank	3.00	4.00	5.00	8.75	9.00	9.75
16	Dena Bank	5.00	6.00	7.00	8.25	9.00	8.50
17	Deutsche Bank	4.00	7.50	7.75	7.75	7.75	8.50
18	Dhanlaxmi Bank	5.00	5.00	7.50	9.00	9.00	9.00
19	Federal Bank	5.00	5.00	8.50	7.00	9.00	8.75
20	HDFC Bank	3.50	6.00	8.25	8.25	8.75	8.75
21	HSBC Bank	----	5.30	7.50	7.75	8.00	6.50
22	ICICI Bank	4.50	5.50	7.75	7.75	8.00	8.75
23	IDBI Bank	----	6.00	8.50	8.50	8.75	9.00
24	Indian Bank	6.25	6.25	7.50	7.50	9.00	9.00
25	Indian Overseas Bank	7.25	7.25	7.25	8.25	9.00	9.00
26	Indusind Bank	3.50	5.00	6.00	6.50	9.25	8.75
27	ING Vysya Bank	4.00	5.50	8.70	8.70	9.00	9.00
28	J & K Bank	4.50	5.00	6.50	7.50	8.75	8.50
29	Karnataka Bank	3.50	3.50	6.50	8.00	9.50	9.25
30	Karur Vysya Bank	6.00	7.70	7.70	8.10	9.50	9.25
31	Kotak Mahindra Bank	4.00	6.00	8.50	8.75	9.00	8.50
32	Lakshmi Vilas Bank	----	6.50	8.00	9.00	10.00	9.25
33	Oriental Bank of Commerce	4.00	6.00	8.50	9.00	9.00	8.75
34	Punjab and Sind Bank	4.00	5.50	7.00	8.25	9.00	9.00
35	Punjab National Bank	4.00	4.50	5.50	7.50	9.00	9.00
36	Ratnakar Bank	8.50	9.00	9.50	9.50	9.60	9.75
37	Royal Bank of Scotland	3.00	8.25	8.25	8.25	8.00	7.75
38	South Indian Bank	----	4.00	4.50	7.00	9.00	8.75
39	Standard Chartered Bank	4.25	6.00	7.25	8.00	9.00	7.25
40	State Bank of Bikaner and Jaipur	8.75	8.75	8.75	9.00	9.00	9.00
41	State Bank of Hyderabad	8.00	8.00	8.00	9.00	9.00	8.75
42	State Bank of India	7.50	7.50	7.50	6.80	9.00	9.00
43	State Bank of Patiala	----	6.50	8.00	8.00	9.00	9.00
44	State Bank of Travancore	7.50	7.50	8.75	7.00	8.75	8.50
45	Syndicate Bank	7.10	7.10	7.75	9.05	9.10	8.75
46	Tamilnad Mercantile Bank Ltd.	----	7.50	8.00	9.00	10.00	9.50
47	UCO Bank	7.50	7.50	7.50	8.75	9.00	9.00
48	Union Bank of India	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
49	Vijaya Bank	4.00	4.00	8.50	8.50	9.00	9.00
50	YES Bank	6.00	6.00	7.75	8.75	9.00	8.75

Income Tax Slabs and Rates for F.Y. 2013-14 (A.Y. 2014-15)

Income Tax Slabs	Tax Percentage    Age Below     60 Years	Tax Percentage      Age above     60 Years     and below      80 Years	Tax Percentage    Age above     80 Years
Income upto Rs.2,00,000/-	Nil	Nil	Nil
Income range Rs.2,00,001/- to Rs.2,50,000/-	10	Nil	Nil
Income range Rs.2,50,001/- to Rs.5,00,000/-	10	10	Nil
Income range Rs.5,00,001/- to Rs.10,00,000/-	20	20	20
Income above Rs.10,00,000/-	30	30	30

Note

• Basic Income Tax exemption limit retained at Rs.2,00,000/- in case of Individuals (for both Male & Female), HUF's & AOP.
• A person whose Income is below Rs.5,00,000/- will get a tax credit of Rs.2,000/- under newly inserted [section 87 A] in Income Tax Act.
• Surcharge @ 10% if total income exceeds Rs.1 crore.

Some numbers will help us better recognise the impact of Tax Credit

Your Total Income	Tax	New Tax	Saving
Rs.5,00,000/-	Rs.30,900/-	Rs.28,840/-	Rs.2,060/-
Rs.10,00,000/-	Rs.1,33,900/-	Rs.1,33,900/-	Rs.0/-
Rs.1,00,00,000/-	Rs.29,14,900/-	Rs.29,14,900/-	Rs.0/-

Indian Calendar 2014 - Festivals and Important Days

Indian Calendar 2015	Click Here

Festivals / Important Days	Date	Day
New Year	01-Jan-2014	Wednesday
Milad-ul-Nabi (Sunni)	14-Jan-2014	Tuesday
Makar Sankranthi	14-Jan-2014	Tuesday
Thiruvalluvar Day / Maattu Pongal	15-Jan-2014	Wednesday
Kaanum Pongal (Uzhavar Thirunal)	16-Jan-2014	Thursday
Milad-ul-Nabi (Shia)	19-Jan-2014	Sunday
Republic Day	26-Jan-2014	Sunday
Shree Ganesh Jayanti	03-Feb-2014	Monday
Valentine's Day	14-Feb-2014	Friday
Chhatrapati Shivaji Jayanti	19-Feb-2014	Wednesday
Mahashivratri	27-Feb-2014	Thursday
International Women's Day	08-Mar-2014	Saturday
Holi	16-Mar-2014	Sunday
Dhulivandan	17-Mar-2014	Monday
Gudhipadwa	31-Mar-2014	Monday
April Fool's Day	01-Apr-2014	Tuesday
Shree Ram Navami	08-Apr-2014	Tuesday
Mahavir Jayanti	13-Apr-2014	Sunday
Dr. B.R. Ambedkars Birthday	14-Apr-2014	Monday
Hanuman Jayanti	15-Apr-2014	Tuesday
Good Friday	18-Apr-2014	Friday
Easter Day	20-Apr-2014	Sunday
May Day	01-May-2014	Thursday
Akshaya Tritiya	02-May-2014	Friday
Buddh Pornima	14-May-2014	Wednesday
Vatpornima	12-Jun-2014	Thursday
Father's Day	15-Jun-2014	Sunday
Ramadan Fasting Starts	29-Jun-2014	Sunday
Aashadhi Ekadashi	09-Jul-2014	Wednesday
Guru Purnima	12-Jul-2014	Saturday
Ramadan (Eid al-Fitr)	28-Jul-2014	Monday
Nag Panchami	01-Aug-2014	Friday
Rakhi or Raksha Bandhan	10-Aug-2014	Sunday
Independence Day	15-Aug-2014	Friday
Shree Krishna Jayanti	17-Aug-2014	Sunday
Gopalkala	18-Aug-2014	Monday
Ganesh Chathurthi	29-Aug-2014	Friday
Rishi Panchami	30-Aug-2014	Saturday
Anant Chaturdashi	08-Sep-2014	Monday
Navaratri (Ghat Sthapna)	25-Sep-2014	Thursday
Gandhi Jayanthi	02-Oct-2014	Thursday
Vijaya Dashmi / Dussehra	03-Oct-2014	Friday
Bakrid (Eid al-Adha)	04-Oct-2014	Saturday
Kojagiri Pornima	07-Oct-2014	Tuesday
Dhanatrayodashi	21-Oct-2014	Tuesday
Narak Chaturdashi	22-Oct-2014	Wednesday
Laxmi Pujan	23-Oct-2014	Thursday
Dipavali Padwa / Bali Pratipada	24-Oct-2014	Friday
Bhaubeej	25-Oct-2014	Saturday
Moharam (Tajia)	04-Nov-2014	Tuesday
Guru Nanak Jayanti	06-Nov-2014	Thursday
World AIDS Day	01-Dec-2014	Monday
Shree Datta Jayanti	06-Dec-2014	Saturday
Christmas	25-Dec-2014	Thursday

MUHURAT PICKS 2013

Diwali Muhurat Trading Picks 2013

Diwali Muhurat Trading Session on November 3, 2013 from 18.00 Hrs to 20.00 Hrs.

Company	C.M.P.	Target	Upside (%)	NSE SYMBOL
L & T	982	1100	12	LT
Maruti Suzuki	1636	1800	10	MARUTI
Dhanuka Agritech	140	155	11	DHANUKA
D.C.B.	51	58	14	DCB
Bharti Airtel	367	412	12	BHARTIARTL
Unichem Lab	175	211	21	UNICHEMLAB
Tech Mahindra	1526	1850	21	TECHM